A list of the classes can be found at 'www.fitchratings.com'
by performing a title search for 'U.S. RMBS Rating Actions for Dec. 5,
2012.'

Summary of Actions for Classes On Watch Negative:

--89% of classes downgraded and 11% affirmed;

--99% of downgrades are 1 - 2 rating category revisions;

--75% of downgrades are in the Prime sector or in the Alt-A sector
issued prior to 2005.

The deterioration in performance in pre-2005 RMBS has been driven by
adverse selection in the small remaining mortgage pools. Record-low
mortgage rates initially driven by the Federal Reserve and sustained by
economic uncertainty have led most pre-2005 borrowers to refinance.
Consequently, the remaining mortgage pools are increasingly concentrated
with borrowers unable to refinance due to credit obstacles.

Recent performance deterioration is compounded by structural features in
pre-2005 transactions. The dollar amount of senior class credit
protection will continue to decline in most transactions due to: the
lack of hard subordination floors; structures that pay scheduled
principal pro rata to subordinate classes; and the lack of performance
triggers that redirect unscheduled principal cash flows from
subordinates to senior classes. Since 2010, the dollar amount of senior
class credit protection has declined by 33%.

The credit trends in seasoned Prime transactions are covered in more
detail in the special report 'U.S. Prime Pre-2005 RMBS: Not What It Used
to Be' (Sep. 6, 2012).

The rating revisions also reflect enhancements to Fitch's rating
methodology. Key revisions include: (1) enhancements to the logic
predicting servicer advancing and liquidation timelines to better
reflect recent market trends; (2) improved consistency of methodologies
across the Prime, Alt-A and Subprime sectors and (3) a refinement to the
home price model to allow for more granular regional projections.

As part of the review of classes on Rating Watch Negative, Fitch also
reviewed all rated classes in the Prime, Alt-A, subprime and Re-REMIC
sectors. Of the roughly 30,000 RMBS classes reviewed that were not
previously on Rating Watch Negative, Fitch affirmed 93% and downgraded
7%. Of classes downgraded not previously on Rating Watch, over 80% were
on Outlook Negative and close to 90% were either one rating category
revisions or classes with non-investment grade ratings prior to the
review.

RMBS issued since the end of 2009 have generally performed well and, in
many cases, are reflecting rating upgrade pressure. Of the approximately
350 Re-REMIC and new-issue RMBS classes issued since the end of 2009,
Fitch affirmed 97%, placed 2% on Rating Watch Negative and downgraded
1%. The negative actions affected two Re-REMICs issued in 2010. Of those
classes affirmed, close to 50% are on Rating Outlook Positive.

These actions were reviewed by a committee of Fitch analysts.

Additional information is available at 'www.fitchratings.com'.
The ratings above were solicited by, or on behalf of, the issuer, and
therefore, Fitch has been compensated for the provision of the ratings.

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IN ADDITION, RATING DEFINITIONS AND THE TERMS OF USE OF SUCH RATINGS ARE
AVAILABLE ON THE AGENCY'S PUBLIC WEBSITE 'WWW.FITCHRATINGS.COM'.
PUBLISHED RATINGS, CRITERIA AND METHODOLOGIES ARE AVAILABLE FROM THIS
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